Did I Give The Right Advice to Sell the House? – Dawn

“Dear Steve,

My husband and I have a good friend who is single. He inherited a 3br 2 bath home from his parents on their passing. He is in his late 40’s, has trouble keeping steady employement, and is always struggling with money.

I suggested he might want to consider selling his 2000+ sq ft home and downsize to somthing half the size. I told him if he does it right he should make at least a small profit off of the sale of his current home, after purchasing a smaller home. I told him this should also result in a reduction in utility costs, property taxes, insurance, as well as having a smaller home to maintain.

Was I wrong in telling him this? If so what would be a better solution to help him get his debt paid off and get to a more stable place (besides steady employement)

Thanks,

Dawn”

Dear Dawn,

Based on what you shared I think you gave great advice. The spotty employment history leaves me worried about his financial commitments. The smaller, the better moving forward I think.

Even renting is a reasonable idea for now. At least with a managed rental he would not have to worry about upkeep and repairs.

You sound like a really terrific friend.

Please post your responses and follow-up messages to me on this in the comments section below.

Sincerly,


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Damon Day - Pro Debt Coach

Steve Rhode

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